Oil was down on the day to $136.04. Down $5.33pb.
Gold was down today to $923.30. Down today $5.50po.
Dow finished up today, to 11,384.21. Up 152.25 today.
Jamie Dimon on Charlie Rose discusses the Bear Stearns buyout. This is the full hour program with Rose interviewing Dimon.
The last hour today was pretty powerful for a bear market. It would be hard to describe that kind of exuberance while everyone is saying that the market won't move just because it is oversold.
Yet today held something you don't see very often. Bernanke, Jamie Dimon, and Paulson talking on the same day. This triple barrel assault on bad news and negative outlook brought about a second glance at equities that we have not witnessed in a while.
Is this a temporary bottom? It sure closed with momentum that could last a day or two. If it is a temporary bottom, it could last to either 11700 on the Dow or possibly 12100.
If you think it is going to go that type of distance, you might want to check out the ETF, SSO. The IYR moved big today and will surely drop fast once this momentum leaves. Watch the fast food stocks as commodity prices continue to drop. This can boost their bottom line quick.
Keep an eye out for the Oil Report in the am. It could add to the downward momentum of the energy sector.
Good Fortune from Trade-Equity!!!
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